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Registered number: OC343200
REDHILL SITE 2 LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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REDHILL SITE 2 LLP
REGISTERED NUMBER: OC343200
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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REDHILL SITE 2 LLP
REGISTERED NUMBER: OC343200
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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REDHILL SITE 2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The principal activity of Redhill Site 2 LLP is that of an investment holding business.
The LLP is a private limited liability partnership, incorporated in England and Wales under registration number OC343200.
The trading and registered office address is Heath Lodge, Heath Side, Hampstead, London NW3 1BL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, which assumes that the LLP will continue to operate for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The LLP is reliant on the ongoing support from its members, which they have confirmed.
As a result, the members are confident that the LLP's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
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REDHILL SITE 2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Financial instruments (continued)
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third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including partners, during the year was 4 (2019 - 4).
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REDHILL SITE 2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Other fixed asset investments
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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REDHILL SITE 2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Related party transactions
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Included in other creditors due within one year is £33,573 (2019: £32,720) owed to another LLP, whose members are the same as those in this LLP. The amount is unsecured and interest free with no fixed repayment date.
Included within fixed asset investments is a loan of £10,000 (2019: £10,000) to a company, which is controlled by an LLP, whose members are the same as those in this LLP. This amount is secured and interest free with no fixed repayment date.
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